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Gold Close to Breaking $1,300 an Ounce?

Daily Gold & Silver Market Report – 08/11/2017

Still riding the wave from verbal threats between the U.S. and North Korea, spot Gold prices managed to stay in the green even with a turnaround from the U.S. dollar. Pablo Piovano with FX Street says, “The U.S. Dollar Index stays on the upper end of the recent range in the mid-93.00s, shrugging off [Thursday’s] dovish tone from [New York Federal Reserve President William] Dudley and lower-than-expected U.S. producer prices.” Concern remains in the eyes of investors as to whether or not to invest more into safe-haven assets such as Precious Metals or wait to see what the weekend brings.

Silver Prices Headed for 5 Percent Rally

As we have watched Silver prices slowly move to lows near $15 an ounce, many investors question whether or not the gray metal will redeem itself and get out of this lull. However, Silver prices have risen and in fact broke $17 an ounce on recent tensions between President Donald Trump and North Korea. In fact, Stockhouse.com says Silver prices are nearing a 5 percent gain amid these geopolitical tensions. These “gains” have not officially rallied just yet as many investors are waiting to see how impactful this “talk” between two countries will get.

Stocks Unfazed by Geopolitical Uncertainty

President Trump tweeted early Friday morning that U.S. military efforts are “locked and loaded” should North Korea “act unwisely.” A couple hours later, according to TheStreet Reporter Emily Stewart, U.S. stocks opened marginally higher. John Bredemus, VP of asset allocation for Alliance Investment Management-US, a Minneapolis-based firm that has more than $700 billion in assets under management, said, “Is this really going to be the catalyst that causes a turnaround in the markets? I think people really just don't believe it at this point, but they're currently a little cautious.” Although stocks dropped on average about 1 percent, haven assets such as Gold and Silver ended Thursday in the positives. Stewart explained, “Market volatility, measured by the CBOE Volatility Index, reached its highest level since the 2016 election.” However, despite Trump's tweets, the Dow Jones industrial average gained 0.25 percent, the S&P 500 rose 0.36 percent and the Nasdaq climbed 0.56 percent in mid-morning trading. Additionally, Stewart noted, Gold was up 0.16 percent, the U.S. dollar dipped 0.15 percent, and 10-year Treasury yields slightly rose 0.0174. Nonetheless, despite some nerves, “Wall Street appears relatively unfazed by increased tensions between the United States and North Korea.”

At 3:05 p.m. (ET), the APMEX Precious Metals spot prices were:

  • Gold, $1,292.60 Up $5.50
  • Silver, $17.20 Up $0.02
  • Platinum, $990.70 Up $4.80
  • Palladium, $900.30 Down $2.80

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Disclaimer:
APMEX Market Reports provide our readers with a review of spot price activity and some of the factors that may be affecting the market for Precious Metals. While the information is obtained from sources we believe to be reliable, we do not guarantee its accuracy or its completeness and we encourage you to conduct your own investigation prior to making any decision based on the information. The Market Reports are not intended as a comprehensive discussion and there may be other factors affecting the financial marketplace. These Market Reports are provided for informational purposes only and do not constitute a recommendation by APMEX to hold, purchase or sell any Precious Metal product. All orders, purchases and sales, if any, are subject to the terms of the User Agreement and other applicable policies.

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